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Agenda Memo <br /> May 22, 1997 <br /> Page Two <br /> • <br /> excess TIF funds - approximately $170,000. Staff currently anticipates the <br /> budget modification would be as follows: <br /> • $66,200 Purchase Industrial Park lot <br /> • ??? E & 0 Tool TIF Request for Expansion Project <br /> • ??? Eligible Expenditures in West Business Park <br /> Staff will proceed with the budget modification upon identification of these <br /> other eligible expenditures. The budget modification is required to be <br /> completed and funds expended prior to December 31, 1997. The <br /> Development Account will be used to pre-fund this purchase and upon <br /> completion of the modification, it will be reimbursed $66,200 from the excess <br /> TIF funds. <br /> Additionally, the legislature had included June 1, 1997, as the effective date <br /> for new TIF legislation. This effective date made it imperative for the EDA <br /> to close on the Industrial Park lot prior to June 1, 1997. The final version of <br /> the tax bill however, now indicates an effective date of June 30, 1997. Since <br /> preparations had already been made and this special EDA meeting called, <br /> • <br /> staff is continuing to pursue a May 30, 1997, closing date for the industrial <br /> park lot. This early date helped convince the seller to agree to a $65,000 <br /> purchase price. <br /> Recommendation <br /> Staff recommends the EDA approve the purchase of the Industrial Park lotus <br /> outlined in this memo and on the attached Purchase Agreement. <br /> eda\meetings\agmm 527.doc <br />